Abstract:
Proliferation of the hair salon business in the Bophirima region has led to intense competition for customers and this can have unfortunate consequences for hair salon’s competitiveness hence survival and economic performance. The only choice left for hair salons in the words of owner/managers who were informally interviewed is to obtain accurate information on market trends and customer preferences so as to tailor products and services to meet customer preferences.
From a strategic management perspective, it makes perfect sense that in the highly competitive arena that hair salons in the Bophirima find themselves, research on industry environment to obtain accurate information on market trends and customer preferences so as to tailor products and services that meet customer preferences is a must if they are to prosper. In other words, hair salons in the Bophirima region need to conduct marketing research if they must prosper.
Conceptually, it is argued in this study that market research will reveal variables such as market demand, market opportunities, market threats, etc. which if scientifically analysed can produce information that can aid management in making informed decision that can lead to superior business performance.
Unfortunately, there is the perception among the few hair salon operators informally interviewed in the Bophirima region that for small businesses such as hair salons, engaging in marketing research will be too expensive, cumbersome, and time consuming hence unnecessary. However, this perception may not be true as normative assertions and research evidence elsewhere suggests that for service organisations, regardless of size, marketing research leads to superior performance.
The purpose of this study was to determine the status of marketing research within the hair salons in the Bophirima region and the impact that hair salon’s engagement in generally accepted (conventional) elements of marketing research activities have on the economic performance (as measured by profitability).
Analysis of data obtained from 118 owner managers suggest that marketing research may not be something they engage in although they are very much aware of the business benefits of engaging in marketing research. The findings also suggest possible positive link between marketing research activity and profitability. Details of the research as well as conclusions and recommendations are presented and discussed in the report that follows.
